Municipal Employees Retirement System of Michigan Sells 1,280 Shares of Patrick Industries, Inc. (PATK)

Municipal Employees Retirement System of Michigan decreased its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 13.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 8,385 shares of the construction company’s stock after selling 1,280 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Patrick Industries were worth $476,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of PATK. Royal Bank of Canada raised its position in shares of Patrick Industries by 12.0% during the 1st quarter. Royal Bank of Canada now owns 2,491,135 shares of the construction company’s stock valued at $154,076,000 after acquiring an additional 267,547 shares during the last quarter. Matarin Capital Management LLC bought a new stake in shares of Patrick Industries during the 1st quarter valued at $13,523,000. Wells Fargo & Company MN raised its position in shares of Patrick Industries by 111.5% during the 1st quarter. Wells Fargo & Company MN now owns 299,289 shares of the construction company’s stock valued at $18,512,000 after acquiring an additional 157,754 shares during the last quarter. BlackRock Inc. raised its position in shares of Patrick Industries by 3.0% during the 1st quarter. BlackRock Inc. now owns 3,064,351 shares of the construction company’s stock valued at $189,529,000 after acquiring an additional 88,593 shares during the last quarter. Finally, GW&K Investment Management LLC raised its position in shares of Patrick Industries by 14.3% during the 1st quarter. GW&K Investment Management LLC now owns 456,125 shares of the construction company’s stock valued at $28,211,000 after acquiring an additional 57,185 shares during the last quarter. Institutional investors own 92.45% of the company’s stock.

PATK has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a research report on Friday, July 27th. ValuEngine upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating in a research report on Tuesday, May 29th. Finally, BidaskClub upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a research report on Saturday, May 19th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $73.20.

Shares of PATK traded down $0.10 during trading hours on Friday, reaching $64.00. The stock had a trading volume of 135,000 shares, compared to its average volume of 238,382. The company has a quick ratio of 0.87, a current ratio of 2.23 and a debt-to-equity ratio of 1.43. Patrick Industries, Inc. has a 52 week low of $47.27 and a 52 week high of $72.35. The stock has a market cap of $1.59 billion, a P/E ratio of 20.13, a P/E/G ratio of 0.92 and a beta of 0.76.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, July 26th. The construction company reported $1.42 EPS for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.21. Patrick Industries had a net margin of 5.49% and a return on equity of 27.49%. The business had revenue of $604.88 million during the quarter, compared to analysts’ expectations of $553.60 million. During the same quarter in the prior year, the company earned $1.23 EPS. The firm’s quarterly revenue was up 48.6% on a year-over-year basis. equities research analysts expect that Patrick Industries, Inc. will post 4.75 earnings per share for the current fiscal year.

In related news, Director Walter E. Wells sold 3,000 shares of the company’s stock in a transaction on Thursday, June 14th. The shares were sold at an average price of $60.37, for a total value of $181,110.00. Following the completion of the transaction, the director now directly owns 65,030 shares of the company’s stock, valued at approximately $3,925,861.10. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Walter E. Wells sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $64.10, for a total transaction of $256,400.00. Following the completion of the transaction, the director now directly owns 61,030 shares of the company’s stock, valued at $3,912,023. The disclosure for this sale can be found here. 5.60% of the stock is currently owned by corporate insiders.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.

Recommended Story: Asset Allocation, Balancing Your Investments

Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

Receive News & Ratings for Patrick Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply